File photo
File photo
The COVID-19 pandemic has devastated the Dallas hotel industry to the point Coldwell Banker Richard Ellis predicts it will be at least three years before a full recovery is achieved.
The commercial property firm’s Jeff Binford said the local lodging market will not see pre-coronavirus levels in demand until 2023.
CBRE forecasts a nearly 60% drop in revenue for Dallas hotels, which is worse than the nationwide rate of 52%.
“Although the forecast improves significantly in 2021 and 2022, since Dallas is coming off record occupancies in recent years, we don’t expect to see a return to pre-crisis occupancy levels for the next five years,” Binford told The Dallas Morning News.
The Metroplex experienced rapid hotel growth until the latest public health emergency took hold.
Since the implementation of a statewide stay-at-home order, travel and tourism took serious hits, which carried over to the lodging sector.
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